1994 agreement removed obligations of member states to transfer technology or share revenue

The United States has not ratified UNCLOS because it initially objected to part XI of the treaty, as did many other developed nations.¹¹⁰ The objections to part XI were based on economic and security concerns.¹¹¹ Part XI recognized the region of seabed and ocean floor beyond the jurisdiction of any state to be the common heritage of humankind.¹¹² Part XI, therefore, requires states to share the financial benefits¹¹³ from activities within the region as well as the related technology.¹¹⁴   In response to the objections to these provisions, the U.N. General Assembly adopted a resolution to encourage the United States and other objecting states to ratify UNCLOS.¹¹⁵ This resolution, known as the Agreement Relating to the Implementation of Part XI of the U.N. Convention on the Law of the Sea of 10 December 1982, allows countries to ratify UNCLOS without being bound to part XI.¹¹⁶ Given that the United States may ratify UNCLOS without part XI, the benefits to the development of offshore wind power are one of the many reasons for the United States to ratify UNCLOS.¹¹⁷